afaqs! news bureau

Adani to pay additional price for NDTV shares bought under open offer

The group will pay an extra 48.65 rupees per share.

Adani Group has decided to pay more for the shares of New Delhi Television (NDTV) acquired through the open offer because the transfer price from another promoter was greater than the price of the open offer. Investors in NDTV who sold their shares to Adani Enterprises in the conglomerate's open offer for the news network would receive an extra 48.65 rupees per share, the company announced on Tuesday.

As a result, the offer price has increased to Rs. 342.65 per share, matching the sum that the NDTV founders received from Adani Group when they sold their shares to the conglomerate last week. The share price for NDTV's open offer was $294, and the promoter transfer price was $342.65.

Late in August, Adani announced plans to buy the bulk of NDTV. The conversion was approved after NDTV initially claimed the change was "done without any involvement from, conversation with, or approval of" its founders.

Between November 22, 2022, and December 5, 2022, Adani Enterprises made an open offer to purchase an additional 26% of NDTV. Despite the substantial discount from the stock's market price, investors were willing to sell approximately 53 lakh shares of NDTV in response to that open offer.

The media company said last week that its co-founders Radhika and Prannoy Roy had resigned from their positions as directors after Gautam Adani's group gained controlling control of the business. Four other independent directors also resigned, effective December 30, along with the Roys, according to a statement released by NDTV.

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